Credit card debt in many households

On behalf of Law Office of Ginger C. Cord, PSC posted in Credit Card Debt on Thursday, March 3, 2016.

Kentucky is not one of the states with one of the highest credit card debt in the country, but many people who live there may carry credit card debt. In all, people in the United States have $3.4 trillion in consumer debt, and $929 billion of that is revolving debt. Around 38 percent of all households carry credit card debt with a mean of about $5,700.

The states with the highest amount of credit card debt are Alaska, Virginia, Connecticut, Maryland and New York. In general, households with higher incomes have higher credit card debt. The states with the highest debt are also among the states with the highest income in the country with the exception of New York, but that may be attributable to the expense of living in New York City causing more debt.

People can take several steps to limit their credit card debt. Making a monthly budget as well as a plan to control debt is important. People who are struggling to pay off their credit cards should try talking with their creditors. Many credit card companies would prefer to work out a payment plan. Finally, using cash in lieu of credit is a good practice for avoiding debt altogether.

However, in some cases, a person may become overwhelmed by credit card debt, and creditors might only offer payment plans that are impossible for that person to adhere to. Credit card debt is not always due to carelessness. In fact, bankruptcies tend to be because of events out of a person's control such as job loss, divorce or illness.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

Office Location

Payment Plans Available

At the Law Office of Ginger C. Cord, PSC., I represent individuals in Chapter 7 and Chapter 13 bankruptcy proceedings throughout central, northern and eastern Kentucky. This includes those in Fayette County, Madison County, Pike County, Franklin County, Boyd County, Kenton County, Pulaski County, Laurel County, Whitley County, Montgomery County, Clark County and Bourbon County, as well as the cities of Lexington, Richmond, Winchester, Paris, Georgetown, Versailles, Ashland, Covington, Pikeville, Frankfort, London, Corbin, Mount Sterling, and Somerset, Harrodsburg and Lawrenceburg.